Energy Security Council gets benefit of experience

Executives with extensive experience in the electricity sector and financial and insolvency experts have been appointed to the federal government’s new Energy Security Council, which will oversee applications for financial assistance from power generators as the government introduces its carbon price.

The council will advise Treasurer
Wayne Swan
on applications for financial assistance from power ­generators adversely affected by the carbon package.

Mr Swan announced yesterday that the former chairman of Eraring Energy and RailCorp,
Ross Bunyon
, will join the council, which is headed by
Michael Vertigan
, a previous director of Eraring Energy.

Mr Bunyon has been chairman of the board of ICSGlobal since 2007 and was previously a director of Pacific Power.

Ms Nancy Fox, who has 30 years of financial services and insurance experience within Australia and the Asia Pacific region, is another appointment.

She is a director of online financial services company ThinkSmart and was previously managing director of financial and insurance company Ambac and ABN Amro.

Another appointment is Stephen Parbery, who is a founding partner and board director of PPB Advisory, which provides insolvency services and restructuring advice.

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An executive coach and former merchant banker,
Michael Perry
, has also been appointed to the council.

He formerly worked for Citibank’s merchant banking division and has held board appointments including at Development Australia Fund Management, which manages development capital and infrastructure investments on behalf of industry funds and Keybridge Capital.

Membership of the Energy Security Council includes the chairmen of the Australian Energy Market Commission, the Australian Energy Regulator and the Australian Securities and Investments Commission.

The council will advise the government on loans and other assistance for generators that need to refinance their debt if finance on commercial terms is not available and on action to avoid risk of electricity blackouts in the event of financial distress in the energy market.